EOS price analysis: crucial breakdown assistance nearby

  • EOS started rising near $ 8.872 and started falling again against the US dollar.
  • The price is currently trading well below the $ 7,000 support and the simple moving average of 55 (4 hours).
  • A major contraction triangle is forming on the 4-hour chart of the EOS / USD pair (data feed from Coinbase) with support near USD 6,200.
  • The pair could either start a new rally above $ 6.70 or jump towards the $ 5.00 support.

EOS price holds important support near the $ 6.00 zone against the US dollar, similar to Bitcoin. Price could drop sharply if there is a significant break below $ 6.20 and $ 6.00.

EOS price analysis

In the past few days, EOS price rose sharply against the US dollar above the $ 6,000 and $ 6,500 resistance levels. The price even broke the USD 7,500 resistance zone to enter a positive zone.

The bulls surged above the $ 8,000 level and the price hit a new multi-week high near $ 8.872. However, the price struggled to stabilize above $ 8,500. As a result, there has been a bearish reaction below the USD 8,000 and USD 7,500 support levels.

There was also a closing price below the $ 7,000 level and the simple moving average of 55 (4 hours). A low is formed near $ 6.024 and the price is now consolidating losses.

It corrected higher than the 23.6% fib retracement level of the recent decline from the high of $ 8.872 to the low of $ 6.024. However, the bears protected the USD 7,500 zone and the simple moving average of 55 (4 hours).

There was also a failed attempt near the 50% fib retracement level of the recent decline from the $ 8.872 swing high to the $ 6.024 low. The price is now trading well below the $ 7,000 support and the simple moving average of 55 (4 hours).

A major contraction triangle is also forming on the 4-hour chart of the EOS / USD pair with support near USD 6,200. If there is a downside break below the triangle support, further losses may occur below the main support at USD 6.00. In the specified case, the price could fall towards USD 5.00.

On the upside, the first major resistance is near the USD 6,500 level and the triangle trendline. A successful close above the $ 6,500 level could move the price towards the 55 SMA and $ 7.20. Further gains could trigger a new rally above $ 8.00.

EOS price

On the graph, the EOS price is well below $ 7,000 and the simple moving average of 55 (4 hours). Overall, the price could either start a new rally above $ 6.70 or move towards the $ 5.00 support.

Technical indicators

4 Hour MACD – The EOS / USD MACD is showing negative signs in the bearish zone.

4 Hour Relative Strength Index (RSI) – The RSI is now below the 50 level.

Major Support Levels – $ 6,200 and $ 6,000.

Main Resistance Levels – $ 6,500 and $ 7,200.

Tags: EOS

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